Bank for International Settlements: ”Stablecoins are not currencies”

An analysis has emerged stating that stablecoins do not qualify as currencies. According to reports, the Bank for International Settlements (BIS) stated in a report that "stablecoins are not currencies."
The explanation is that it does not meet the core criteria for a currency, such as unity (transactions at the same exchange rate), flexibility (ability to adjust the amount issued), and consistency (compliance with standard crime prevention guidelines).
The BIS stressed that "it could undermine governments' monetary sovereignty and pose risks to the global financial system."